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Share-based payments | 12 Months Ended
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Dec. 31, 2018
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] |
Share-based payments |
17. | Share-based payments
(a) | Warrants
The following is a summary of the changes in warrants from January 1, 2017 to December 31, 2018:
|  |  | Weighted average exercise price |  |  | Number of warrants |  |  | Share-based reserve |
Balance at January 1, 2017 |  | $ | 0.24 |  |  |  | 45,885,172 |  |  | $ | 3,983 |
Exercise of warrants |  |  | 0.23 |  |  |  | (7,211,308 | ) |  |  | (619 | )
Expiry of warrants |  |  |  | 0.70 |  |  |  | (19,210 | ) |  |  | - |
Balance at December 31, 2017 |  |  | $ | 0.24 |  |  |  | 38,654,654 |  |  | $ | 3,364 |
Exercise of warrants |  |  | 0.14 |  |  |  | (13,114,336 | ) |  |  | (1,816 | )
Expiry of warrants |  |  | 0.08 |  |  |  | (82,695 | ) |  |  | - |
Balance at December 31, 2018 |  |  | $ | 0.26 |  |  |  | 25,457,623 |  |  | $ | 1,548 |
As at December 31, 2018, the Company had outstanding warrants as follows: |  |
Grant date | Expiry date |  | Number of warrants |  |  | Weighted average exercise price |
October 8, 2015 - October 28, 2015 | October 8, 2020 - October 28, 2020 |  |  | 4,586,785 |  |  | $ | 0.31 |
May 13, 2016 - May 27, 2016 | May 13, 2021 - May 27, 2021 |  |  | 20,870,838 |  |  |  | 0.25 |
|  |  |  |  |  |  |  |  | 25,457,623 |  |  | $ | 0.26 |
(b) | Stock options
(i) | Stock option plans
The Company had adopted an amended and restated stock option plan dated May 26, 2015 (the "2015 Stock Option Plan") which was approved by shareholders of the Company at the annual and general meeting of shareholders held on June 28, 2017. The 2015 Stock Option Plan allowed the Board to award options to purchase shares to certain directors, officers, key employees and service providers of the Company. On June 28, 2018, the shareholders of the Company approved a new stock option plan (the "2018 Stock Option Plan") which superseded the 2015 Stock Option Plan. No further awards will be granted under the 2015 Stock Option Plan; however, shares may be purchased via option exercise by the holders of any outstanding stock options previously issued under the 2015 Stock Option Plan.
17. | Share-based payments (continued)
(b) | Stock options (continued)
(i) | Stock option plans (continued)
Participants under the 2018 Option Plan are eligible to be granted options to purchase shares at an exercise price established upon approval of the grant by the Board. When options are granted, the exercise price is, with respect to a particular date, the closing price as reported by the TSX on the immediately preceding trading day (the "Fair Market Value"). The 2018 Option Plan does not authorize grants of options with an exercise price below the Fair Market Value. Vesting conditions for grants of options are determined by the Board. The typical vesting for employee grants is quarterly vesting over five years, and the typical vesting for directors and executive officers is quarterly vesting over three to five years. The term of the options is established by the Board, provided that the term of an option may not exceed seven years from the date of the grant.
The 2018 Option Plan also provides for the issuance of share appreciation rights ("SARs") in tandem with options. Each SAR entitles the holder to surrender to the Company, unexercised, the right to subscribe for shares pursuant to the related option and to receive from the Company a number of shares, rounded down to the next whole share, with a Fair Market Value on the date of exercise of each such SAR that is equal to the difference between such Fair Market Value and the exercise price under the related option, multiplied by the number of shares that cease to be available under the option as a result of the exercise of the SAR, subject to satisfaction of applicable withholding taxes and other source deductions. Each unexercised SAR terminates when the related option is exercised or the option terminates, including upon a change in control. Upon each exercise of a SAR, in respect of a share covered by an option, such option is cancelled and is of no further force or effect in respect of such share.
(ii) | Summary of changes
The following is a summary of the changes in options from January 1, 2017 to December 31, 2018:
|  |  | Weighted average exercise price |  |  | Number of options |  |  | Share-based reserve |
Balance at January 1, 2017 |  | $ | 1.10 |  |  |  | 6,177,594 |  |  | $ | 735 |
Issuance of options |  |  | 2.82 |  |  |  | 6,402,000 |  |  |  | - |
Exercise of options |  |  | 1.03 |  |  |  | (571,246 | ) |  |  | (308 | )
Cancellation of options |  |  |  | 1.15 |  |  |  | (404,598 | ) |  |  | - |
Vesting of issued options |  | - |  |  |  | - |  |  |  | 1,862 |
Balance at December 31, 2017 |  | $ | 2.05 |  |  |  | 11,603,750 |  |  | $ | 2,289 |
Issuance of options |  |  | 8.23 |  |  |  | 1,910,000 |  |  |  | - |
Exercise of options |  |  | 1.41 |  |  |  | (597,379 | ) |  |  | (286 | )
Cancellation of options |  |  | 2.43 |  |  |  | (13,376 | ) |  |  | - |
Vesting of issued options |  |  | - |  |  |  | - |  |  |  | 4,238 |
Balance at December 31, 2018 |  | $ | 2.99 |  |  |  | 12,902,995 |  |  | $ | 6,241 |
17. | Share-based payments (continued)
(b) | Stock options (continued)
(ii) | Summary of changes (continued)
The weighted average share price at the dates the options were exercised during the year ended December 31, 2018 was $9.37 per share (2017 - $3.66 per share).
As at December 31, 2018, the Company had outstanding and exercisable options as follows:
|  |  |  |  |  |  |  |  |  | Weighted average |
Grant date | Vesting terms | Expiry date |  | Number of options |  |  | Exercise price |  |  | Remaining contractual life (in years) |
August 5, 2016 | Evenly over 48 months | August 5, 2021 |  |  | 1,058,334 |  |  | $ | 0.50 |  |  |  | 2.60 |
October 6, 2016 | Evenly over 48 months | October 6, 2021 |  |  | 3,411,699 |  |  |  | 1.23 |  |  |  | 2.77 |
November 21, 2016 | Evenly over 48 months | November 21, 2021 |  |  | 182,000 |  |  |  | 1.84 |  |  |  | 2.89 |
April 12, 2017 | Evenly over 48 months | April 12, 2022 |  |  | 3,273,020 |  |  |  | 3.14 |  |  |  | 3.28 |
August 23, 2017 | Evenly over 48 months | August 23, 2022 |  |  | 2,872,941 |  |  |  | 2.42 |  |  |  | 3.65 |
November 9, 2017 | Evenly over 48 months | November 9, 2022 |  |  | 200,000 |  |  |  | 3.32 |  |  |  | 3.86 |
January 30, 2018 | Evenly over 48 months | January 30, 2023 |  |  | 275,001 |  |  |  | 8.40 |  |  |  | 4.08 |
January 31, 2018 | Evenly over 48 months | January 31, 2023 |  |  | 150,000 |  |  |  | 9.00 |  |  |  | 4.09 |
May 18, 2018 | Evenly over 48 months | May 18, 2023 |  |  | 1,195,000 |  |  |  | 7.57 |  |  |  | 4.38 |
June 28, 2018 | Evenly over 60 months | June 28, 2023 |  |  | 180,000 |  |  |  | 8.22 |  |  |  | 4.49 |
September 13, 2018 | Evenly over 48 months | September 13, 2025 |  |  | 25,000 |  |  |  | 14.70 |  |  |  | 6.71 |
October 12, 2018 | Evenly over 48 months | October 12, 2025 |  |  | 30,000 |  |  |  | 11.80 |  |  |  | 6.79 |
December 14, 2018 | Evenly over 20 quarters | December 14, 2025 |  |  | 50,000 |  |  |  | 15.29 |  |  |  | 6.96 |
Outstanding at December 31, 2018 |  |  | 12,902,995 |  |  | $ | 2.99 |  |  |  | 3.35 |
Exercisable at December 31, 2018 |  |  | 5,648,656 |  |  | $ | 2.28 |  |  |  | 3.14 |
These options shall expire at the earlier of 180 days of the death, disability or incapacity of the holder or specified expiry date, and can only be settled in common shares.
As at December 31, 2018, the weighted average exercise price of options outstanding was $2.99 per option (2017 - $2.05 per option). The weighted average exercise price of options exercisable was $2.28 per option (2017 - $1.71 per option).
(iii) | Fair value of options issued
The fair value of the options issued during the year was determined using the Black-Scholes option pricing model, using the following inputs:
|  |  |  |  |  | 2018 |  |  | 2017 |
Share price at grant date (per share) | $7.57 - $15.29 |  |  | $2.42 - $3.27 |
Exercise price (per option) | $7.57 - $15.29 |  |  | $2.42 - $3.32 |
Risk-free interest rate | 1.93% - 2.45% |  |  | 0.96% - 1.59% |
Expected life of options (in years) | 5 - 7 |  |  | 5 |
Expected annualized volatility | 55% |  |  | 55% |
Expected dividend yield | 0% |  |  | 0% |
Weighted average Black-Scholes value at grant date (per option) | $4.09 |  |  | $1.39 |
Volatility was estimated by using the historical volatility of the Company, adjusted for the Company's expectation of volatility going forward. The expected life in years represents the period of time that the options granted are expected to be outstanding. The risk-free interest rate was based on Bank of Canada government bonds with a remaining term equal to the expected life of the options.

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